ACCOUNTING 7

Accounting Information System

Semester of A.Y. 2021-2022
FINAL EXAMINATION
I. True or False. Write T if the statement is True or F if the statement is False.

1. A transaction is an agreement between two entities to exchange goods or services.

2. The transaction cycle is a process that begins with capturing data about a transaction
and ends with an information output, such as financial statements.
3. The revenue cycle involves activities of buying and paying for goods or services used
by the organization
4. The financing cycle involves activities of obtaining necessary funds to run the
organization, repay creditors, and distribute profits to investors
5. Data must be collected about each event of interest, the resources affected by each
event and the agents who did not participate in each event
6. Control over data collection is improved by pre-numbering each source document
and using turnaround documents
7. The general ledger is the summary level information for all accounts.
8. Coding is a list of all general ledger accounts used by an organization
9. Audit trails provide a means to check the accuracy and validity of ledger postings.
10. Batch processing is the periodic updating of the data stored about resources and
agents
11. The internet is a major contributor in the information age.
12. A system consists of separated parts or components.
13. An Accounting Information System creates needed information for users.
14. Information are raw facts about events that have no organization or meaning
15. The Accounting Information System only provides to internal users

II. Enumeration. Kindly enumerate the needed data.

a. Major transaction cycles (4 points.)

i. _____________
ii. _____________
iii. _____________
iv. _____________

b. Advantages of Enterprise Resource Planning (2 points)

i. _____________
ii. _____________

c. Elements of problem structure (3 points)

i. _____________
ii. _____________
iii. _____________

d. Data Storage Terms (6 points)

i. _____________
ii. _____________
iii. _____________
iv. _____________
v. _____________
vi. _____________
III. Kindly explain or elaborate on the images below. 10 points each.

a. Financial Cycle

b. Revenue Cycle
IV. MATCHING TYPE (10 points)

SYMBOL ANS. DESCRIPTION

A. Source Document

B. Terminal Input/ Output device

C. Magnetic Tape

D. Direct Access Storage Device

E. Real-time (online) connection

F. Accounting Records

G. Manual Operation

H. Computer Process

I. File for storing source documents and

reports
J. On-page connector

GOD BLESS!